Tran Harry – The Economy Needs A Fix

I decided that I would review the Rush Card that was created by Russell and Kimora Lee Simmons.

Their mission statement with the Rush Card is, “To put credit back in the hands of those who cannot get proper credit because of their bad credit history, or they are just starting out with using credit.”

That is a pretty noble mission for Russell Simmons to undertake and I wanted to see exactly how well the Rush Card holds up to this type of mission statement.

Well first off let me just get to the point. Why can someone get a Rush Card if they cannot get a credit card? Unlike credit cards, the Rush Card is actually a prepaid credit card. It works exactly like a credit card and is excepted at any of the merchants who also accept Visa cards, which is pretty much 95% of the country. The key difference with the Rush Card and a credit card is that the Rush Card is prepaid where you deposit funds into the card and than you are able to spend up to the amount of the deposit. This way you won’t be able to go over your limits like credit cards.

Why Get a Rush Card?

Another benefit of the Rush Card is that because you are only spending what you put into the card than there isn’t any interest fees to go with holding the card and carrying any balances. This is great because if you have been following my blog for a while than you can see that interest rates can literally double the amount that you have borrowed for your purchase, this can mean that a $500 laptop could end up being $1,000 by the time you finish paying off that purchase. Traditional credit cards also vary with their interest rates and for anyone with bad credit you may be carrying a card with more than 20% APR interest, that is just high.

Safety of A Credit Card

With a Rush Card in your wallet you won’t have to carry cash around with you, it cannot be used if it were stolen. If you had your wallet stolen with cash in it than you can pretty much kiss your money good bye because that will be gone in a second and there isn’t any way to trace the money. If you lost the Rush Card than no one would be able to charge your card because you will need to show ID and sign for the purchase just like other credit cards. What also worries me when carrying traditional credit cards with credit limits is that if a theft did by chance find a way to use your card after stealing it than they can literally charge up the entire amont of your credit line, imagine if you had $8,000 credit limits than they can use all of that. But with the Rush Card you can put only $300 in for every day expenses and if they got into that you won’t lose anymore money than that, you file a claim with Rush Card and after an investigation you get your money back, much safer and secure over cash.

Things to Consider

One of the cons with the Rush Card is obviously that you cannot spend more than you can afford to do so, so if you had the cash to buy something than you can make that same purchase with a Rush Card but why not just buy it with cash. Well like I said before the added safety of being able to keep track of your money and not worry about it being stolen is a definitely plus. Another downside to holding a Rush Card is that there is a fee to activate a Rush Card. This is a one time fee and if you opt to sign up for the Pay as you Go Plan than you will be able to waive the monthly fees.

Build (Re-Build) Your Credit History and Score

My recommendation is to get a Rush Card as a temporary credit card while you are in a time of dealing with poor credit scores. With the Rush Card your credit activity is actually being reported to the major credit agency bureau, so just by maintaining and using the Rush Card sparingly you are actually keeping up your credit score and helping it repair any damage that you have done to your score. For anyone who is in need of a credit card because they need to make purchases online or where it is safer or wiser to make purchases on a credit card than it makes absolute sense to get a Rush Card first.

It is also a great card to get for children because it helps them maintain control of their spending without having to worry about them going overboard with their purchases. You can keep track of all purchases and cap the spending limit at the amount that was deposited and not a dollar more.

An added bonus is that if you know any friends or family who are in need of a credit card as well, and they sign up under you than The Rush Card will actually deposit $5 into your account as a refferal bonus.

Because the card is a prepaid card everyone is 100% approved for a Rush Card, if you are interested in getting a Rush Card than head over to Rush Card – Prepaid Visa Debit Card to sign up for a card for every member of your family.